Bitcoin (BTC) is changing hands fast after its drop to $32,000 and only millionaires are winning, data shows.
Statistics governing wallet balances from Glassnode on Jan. 11 reveal that the main investors “buying the dip” are those with a balance in excess of 1,000 BTC ($36 million).
“Millionaire” wallets keep growing
Compiled by Elias Simos, protocol specialist at blockchain infrastructure provider Bison Trails, the numbers suggest that the wealthy have been profiting from Bitcoin being sold by smaller investors throughout December and January.
“Addresses with more than 1k $BTC continue growing at the expense of all others–even as this most recent downturn is taking effect,” Simos summarized.
“While you were selling, whales were gobbling up your Bitcoin…”
While the number of wallets with smaller balances decreased as BTC/USD climbed from $19,000 on Dec. 1 to recent highs of $42,000, the 1,000 BTC+ group became an outlier, growing in presence.
The net effect is thus weak hands selling